OJK: Uangteman.com is a Loan Shark Disguised in Technology

Metrotvnews.com, Jakarta: Chief Executive of Non-Bank Financial Industry Supervision (INKB) of the Financial Services Authority (OJK) Firdaus Djaelani said the money lenders at the uangteman.com website is a new form of loansharking utilizing the technology advancement.

"It is actually a kind of loan shark using technology. They are utilizing the advancement of technology, as they no longer wait at home," he stated at OJK's Office at Soemitro Building, Jalan Lapangan Banteng, Central Jakarta, Friday, July 24, 2015.

Moreover, according to him, the micro loan financial service gave a maximum loan of Rp2 million with the interest of one percent per day, or 30 percent per month, as it is assessed to imposed very high interest rate.

He added that if the public is in need of funding, they may go to a financing company. However, they may come to the official pawnshops (Pegadaian), should they require faster ready-fund.

"Pegadaian in giving their loans, if it is a motorcycle, gold, will be cashed in 15 minutes. Letters need an hour for assessment process. Faster than a financing company," he explained.

Nevertheless, Firdaua also asked the public to be cautious on private pawnshop companies, as there are many pawnshops operating with no formal licenses. (EPS)